South Carolina § 11-11-430 - State bonds.
Full text of South Carolina South Carolina Code of Laws § 11-11-430 — State bonds., with citation guidance and answers to common questions.
§ 11-11-430. State bonds.
(A) In order to continue to maintain the fiscal integrity of the State, the proceeds of the state bonds must not be used to fund operating expenses of state government and such proceeds must be used only for capital improvements.
(B) In order to continue the policy of the State to maintain the full faith and credit of the State with respect to any existing or future bonded indebtedness, the principal and interest payments on general obligation bonds shall constitute priority state expenditures.
(C) The issuance of general obligation bonds of the State must be limited so that the maximum annual debt service on all general obligation bonds of the State (excluding highway bonds, state institution bonds, tax anticipation notes, and bond anticipation notes) may not exceed five percent of the general revenues of the State for the fiscal year next preceding (excluding revenues which are authorized to be pledged for state highway bonds and state institution bonds).
HISTORY: 1984 Act No. 487, SECTION 3; 1985 Act No. 201, Part II, SECTION 64; 1986 Act No. 540, Part II, SECTION 24.
Source: official South Carolina text · Last verified 2026-08-27
Frequently Asked Questions About South Carolina § 11-11-430
What does South Carolina Code of Laws § 11-11-430 cover?
Section 11-11-430 ("State bonds.") is part of the South Carolina Code of Laws, the codified statutory law of South Carolina. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite South Carolina § 11-11-430?
A common citation format is "South Carolina Code of Laws § 11-11-430" (South Carolina). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of South Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Carolina official source linked on this page or consult a licensed South Carolina attorney.
How does South Carolina § 11-11-430 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Carolina can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in South Carolina.